Cybersecurity uncharted territory, risks to get worse: Warren Buffett

Jon Douglas

Following the February 14 school shooting at Marjory Stoneman Douglas High School in Parkland, Florida, Buffett told CNBC: "I don't believe in imposing my views on 370,000 employees and a million shareholders".

Warren Buffett and his business partner, Charles Munger, answered questions from analysts, journalists and shareholders in the audience of Berkshire Hathaway Inc's annual meeting in Omaha, Nebraska.

Buffett also announced that Berkshire Hathaway has acquired another 75 million shares of Apple and now has 5 per cent stake in the company.

Buffett said that cyber risk is part of his estimate that every year carries about a 2 percent chance of a super catastrophe that would cause $400 billion or more of insured losses.

"I love the idea of having our 5 percent, or whatever it is, maybe grow to 6 or 7 percent". In his eyes, Apple is the ideal type of stock for Berkshire Hathaway because of the way the company operates.

The figure make the holding company Apple's third-largest shareholder, behind Vanguard Group and BlackRock. "If you look at Apple, I think it earns nearly twice as much as the second most profitable company in the U.S". The comments were first reported by Reuters.

"The United States and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time", Buffett said, adding that any tensions should not jeopardize the win-win benefits from trade.

"My phone is not ringing off the hook with good deals", he said. It actually led Berkshire to a net loss in the quarter, even though operating profit climbed.

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